It is know that a plurality of different screwdriver bits can be used interchangeably with one ratchet type driver. It is also known that a plurality of different screwdriver bits can be used interchangeably with one screwdriver type driver. However the bits used with the ratchet type driver cannot be used with the screwdriver type driver and vice versa whereby a user employing both types of drivers must have two different sets of bits. The present invention overcomes this problem by providing bits which can be used interchangeably with both types of drivers.